NorthWest Biotherapeutics Inc (NWBO)

[Poor Man -]

Additional thoughts on a buyout. My observation is that as a treatment Dvax L is an advancement in treatment for patients, but it’s still an orphan indication with with greatest efficacy in sub populations. RA approvals remain distant. Altogether, not necessarily suggestive of a very large price tag at this stage.

The real value may be in the combo treatments, but that’s a longer play. This has two implications: BP will not likely offer a large number for a buyout until RA approvals and strong signals from the Keytruda combo trial. I also believe Direct will carry little weight in terms of value until trials start and show results.

There are three possible exits I see -

1st bus stop: Buyout now at lower valuations, less than $10 per share

2nd bus stop: Licensing or JV, followed by a listing - first stop to exit at over $10 per share

3rd bus stop: Buyout later, once RA approvals and combo results show promise - much larger buyout number, but certainly more time intensive and subject to duration risk that goes along with that

The driver will drop you off at any place along the way, but these appear the mostly likely routes to realize on your investment.